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Standard Chartered commits USD1 billion to finance companies, donates Ugx 133 million in Uganda, 3-month repayment holiday and an extension on the tenure of loans of up to 12 months on Personal Loans & Mortgages

Standard Chartered Bank has announced a donation of Ugx 133 Million to Uganda Red Cross (Ugx 113 million) and Uganda Bankers Association(Ugx 20 million) to support the fight against COVID 19 locally.

The Bank revealed that it has committed USD1 billion globally to finance manufacturers and distributors in the pharmaceutical industry and healthcare providers helping tackle Covid-19 on preferential terms in the form of loans, import/export finance or working capital facilities that they use for day-to-day business operations to help them tool up, and help existing manufacturers get their products to market.

The preferential financing will also be extended to non-medical companies that have volunteered to add this capability to their manufacturing output – goods in scope including; ventilators, face masks, protective equipment, sanitisers and other consumables. The Bank will help companies switch into these hugely in-demand items, assist them get their processes up and running more quickly; and at the same time, ensure that existing manufacturers and service providers get the support they need. All financing will be subject to companies having received regulatory approvals to manufacture the goods.

Albert Saltson, the CEO Standard Chartered Ugandacommenting on the various interventions said;

In line with the Bank’s brand promise – Here for good, we are committed to going beyond banking to stand with our clients and staff in this uncertain time. Our priority is their wellbeing and safety as well as ensuring that the clients access financial services and business continuity support. To support the fight against COVID 19 we are extending Ugx 113 million to Uganda RedCross Society and contributed Ugx 20 million to Uganda Bankers Association relief efforts. Globally, we have unveiled a $50 million fund to help our affected communities.  $25 million will be availed to provide emergency relief in our most affected markets while an additional $25 million will be used to help communities recover from the economic impact of the virus. We know this is not an easy time for all our stakeholders, but we are committed to support them in every step of the way as the situation evolves.”

In line with the Bank’s brand promise – Here for good, the Bank is committed to going beyond banking to stand with itsclients and staff in this uncertain time. The Bank’s priority is the wellbeing and safety of its staff and clients as well as ensuring that the clients access financial services and business continuity support. To ease the financial impact of Covid 19, the Bank has announced various initiatives to support its Corporate and Retail clients which include;

Offering a 3-month Repayment holiday for our individual clients – where clients can request for a 3-month repayment holiday on their personal loans or mortgage loans.
Offering an extension on the tenure of the loan of up to 12 months, personal or mortgage loans to help reduce monthly payments.
Continuous sensitization of its employees and clients on preventive measures of Covid 19 and also ensuring that hygiene measures are observed in its branches and ATMs.
Under its Digital Solutions, Standard Chartered Bank;
1. Waived its digital transactions fees – The Bank waived charges on Bill Payments, money transfers between Standard Chartered accounts and Wallet to mobile money transfer to MTN and Airtel Money to facilitate use of non-cash transactions.
2. Encourages its clients to continue using digital banking platforms which include; Online Banking, SC Mobile App and USSD *266#. Its Straight2Bank (S2B) platform is also available for businesses and corporates to make transfers, bulk mobile payments receive deposits from mobile wallets, process salaries, tax payments and utilities. For clients who must make physical transactions at their branches, they remain operational at their Speke Road, Lugogo and Jinja branches which open between 09.00am to 3.00pm.
3. Rolled out its Standard Chartered Agent Bankingenabling its clients to deposit or withdraw money at any Standard Chartered Authorized Agent or any bank agent with an agent banking handshake logo.
4. Enabled its clients to utilise flexible signature methods and flexible delivery methods for their instructions and to facilitate their business continuity.

With Standard Chartered Bank’s international network, clients can access a wide range of experts and resources providing them with real time advice, insights and guidance on how they can protect and prepare their businesses for the volatility of COVID-19 as well as manage risks and adjust their banking needs.  This support is also extended to the Bank’s vendors whose invoices can now be submitted online for payments to be made during the lockdown period. The bank is also supporting its vendors’ business continuity by supporting them to safeguard their wellbeing and that of their employees.

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